The Pensacola, FL market saw a drop in new home closings year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 116 a year earlier to 14 after the figure moved from 137 in June 2015 to 16 in June 2016.
A total of 413 new homes were sold during the 12 months that ended in July, down from 515 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 1.4% from 10.6% a year earlier. Following a year-over-year increase in June, closings of new and existing homes sank year-over-year in July.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2016 was $180,188, down from last year's $219,564. This came after a 18.8% decline in June from a year earlier.
The average mortgage size went down to $169,903 from $205,668 a year earlier. Average mortgage size sank 13.2% in June 2016 from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,052 square feet a year earlier to 1,453 square feet.
Foreclosures and real estate owned (REO) closings decreased in July from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 29.8% of closings, below 34.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 19.3% in July from 15.1% a year earlier while REO closings as a percentage of existing home closings fell to 10.5% from 19.2% a year earlier.